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Unwelcome Finance .... let the battle commence


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Good Morning all,

 

First things first, a bit of history.

 

July 2005 - introduced to Welcome Finance, got a secured loan for £7500 over 120 months paying £178.10 a month (consisting of £156.05 for the credit / £4.89 for the acceptance fee and £17.16 per month for Mortgage Indmnity Fee per month)

 

All went well and in the following year we looked at remortgaging the house - got that sorted and obviously had to pay off the finance to Welcome. At this point they gave us the old " why not pay this and have a bit more on top for a few quid extra" line and like suckers we sad hell yeah.

 

So in November 2006 we paid off the old loan with a new loan from Welcome over 180 months at £201.87 ( consisting of £190.98 for the credit / £4.30 for the acceptance fee and £6.59 for the "insurance" ) a month borrowing £1079.48.

 

Move forward a year or two and we struggled to apy for a few months " No worries" our friendly local branch manager said, "have a payment holiday and we will just put the payments on the end of the term"; "Excellent" we replied and got on with our life and eventually sorted out payments proper again.

 

Another few years down the line and our friendly branch manager has left and we get a call from the head office about how seriously in default we were and court was looming etc - We explained the payment holiday and were told; "Sorry, Welcome dont do paymnet holidays - Youve been had !!" - So we come to an arrangement to pay the default of at an extra £50 a month and carry on with life.

 

Last year we were contacted again by our local office who kindly told us if we could carry on paying that £50 extra now the default has cleared we could clear our account quicker and pay less interest - we will think about it was our reply. Anyway - every couple of weeks he very kindly Phones us up and asks the same question and gives us the same speel; " we can save you money - pay more, pay a lump sum off etc" so in the end we said " ok, give us some figures" - he gave us some figures and then realised HIMSELF that nothing added up - he was of the opinon that there must be a proplem with our account as 6 years on the figure owed had not dropped and had in fact gone up !

 

So too cut a very long story ( apologies) short i decided to get a statement of all we had paid and start to look into this a bit more - thats when i found out how many extra "fees" had been added on and how nothing seemed to add up.

 

So thats where i am at the moment - looking at it all and trykng to decide which way to go and whats what.

 

Some initial questions i have are:

 

£10 for a letter / phone call - certainly not moraly right but what is the legal stance ? Should they have copes of these phone calls etc if they charged for them and can i ask to hear them ?

 

£25 for a home visit - As above really - The friendly local branch manager lved locally so would collect a cheque from us as she passed if we were late - didnt realise at the time we were being charged £25 a pop for her to collect !

 

Loan Acceptance Fee -the figure quoted was £235 - this was added into the loan and we are paying an extra £4.30 a month to cover the acceptance fee making it an actuall £774 minimum we are paying for it

 

Insurance - apparently we requested "LIFECARE 24" (though id imagine it was more like we were told that we had to have it as we had life insurance etc) - this came at a cost of £360 for the pair of us - again being payed at £6.59 a month which works out at £1186.20 over the term despte the fact the cover only looks like it lasted for the first five years !

 

If you've stuck wth it and read this far then a big THANKS, am interested to hear what others have to say, any advice / experiance they can throw my way would be more than greatfull

 

Scort

Edited by scorterooney
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Latest Statement:

 

th_IMG_1062.jpg th_IMG_1063.jpg th_IMG_1064.jpg

 

th_IMG_1065.jpg th_IMG_1066.jpg th_IMG_1067.jpg

 

Finally - a statement to Welcome finance who will no doubt monitor this thread - I will pay up what i owe, i have no problem paying for what ive borrowed BUT the messing about over the years, the lack of any real knowledge of what you are doing and the endless annoying phonecalls of which you like to charge a tenner for have led me to taking a look into my account more than i would of if you hadnt of bothered me - with that in mind if i find anything that is untoward i will take action upon it :D

Edited by scorterooney
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Hi buddy, sometimes it can be a bit busy on here than usual, plus dont forget its peak time for holidays :) I cant really help as much as I would like to to be honest as I am fairly newish to all of this myself and really wouldnt want to miselad you by giving wrong information.

 

All i can do is post like now in the hope that one of the more experienced team members will/can pick it up for you.

 

Good luck

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Thanks for the lonesome reply :D

 

What im really after is what in the above i can get them on (if anything) - the charges for example seem way out of properton with actual costs - BUT - what bit of the law can use ? can i try and claim tyhem back or am i wasting my time ? Has anybody had any success claiming such charges back from welcome ?

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sorry cant help you but its got to be welcome finance theyre a bunch of muppets, i to was told i had many phone calls which i didnt really get(know what i mean) as for the manager thats their usual carry on. good luck with dealing with them and i hope you win.

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  • 2 months later...

Hi All

 

REALLy need some help wth this as Welcome just seem to be making up stuff off the top of their head to try and get us to pay extra.

 

At first they told us that we would NEVER pay off the loan and it was what they called an infinity account

Then they decided the reason why we wouldnt ever pay off the loan was because the payment holiday payments had gone on to the end of the account and were knocking up massive amounts of nterest each month ( more than we werer paying off) - so to counter act ths one chap has said we need to pay a lump sum of 1400, another chap has sad we need to pay 1900 and another chap has said we need to pay an extra 60 a month

 

So to sum it up - they havent the foggiest and i have no confdence that any fgure pay to them will even come off my account.

 

 

SO - after reading a bit on the forum and looking at my orignal documentation i have some queries i would really like some advce on :

 

Lifecare 24 - £180 x 2 for 5 years cover = £360, but its payable over the duration of the loan with interest added at a cost of £1186.24 - Whats the deal here - is that legal ? is it classed as a ppi type payment - can i argue it ?

 

I have read that it is unlawful and can render an agreement unforceable if the Loan Acceptance Fee is included in the loan and interest payed on over the duration of the loan ? - Is this true and could some one look at my agreement and tell me f this is the case with my loan agreement ?

According to the paperwork my acceptance fee s £225 yet another part of the paperwork breaks that down as a payment of £4.30 per month which equals £774 over the term of the loan - Surely not legal ?

 

I know im begging here lol but in the past ive had some fantastic help of the peeps in here and this welcome finance loan is really startng to wind me up as i just cannot make heads nor tails of any of it so please take a look :D

 

Scort

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Hi Mate,

 

I hopefully can help a little till people more learned that myself can help you.

 

What you need to do is SAR and CCA them which will cost £10.00 and start to claim those charges back on your account. If you fish around here for a bit you'll find some templates of letters to do this, in that letter you need to outline what your complaint is.

 

At the moment welcome are being crap with getting information back to people, if you don't hear anything about the CCA after 14 Days you can place the account into default (dispute) where they won't be able to take any further action and you can stop payments if you wish, if they still haven't returned anything after 30 days then you can report them to the office of fair trading and the information commissioners office.

 

For you the SAR is the most important bit to see what notes the manager who gave you a payment holiday said if anything

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Hi I haven't got much to say in the way of help, but just to say to watch they do not change your Account No if you do pay them a large sum - they did this to me and I didn't realise for months - now they say that I have had 2 loans with them. Good luck with it all...

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get an sar off to welcome and get reclaiming

 

i bet they owe you .

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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  • 3 weeks later...

Cheers for the replies peeps

 

no further on as of yet

but got a meeting with them at their head office in next few days to see whats what and then i will take it from there

- im not out to get rid of the loan or anything like that and after the meeting i will be followiing it up with a closer look at the ppi etc

but short term its about getting them tied down to what we owe,

how we owe it and how much we have to pay back

- aftyer i get those answers ill start getting nasty lol

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no

you go in with the reclaim stuff TO the meeting and it them with it.

 

whens the meeting

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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a couple of presents.

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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